The recent merger talks between the two multi-billion dollar gaming companies Amaya and WilliamHill were scrapped, but the potential merger has led to a robust and important debate.

When William Hill considered merging with Amaya, whose primary asset is PokerStars, some of William Hill’s top investors openly questioned the wisdom of the deal, believing the vertical’s best days are behind it.

The question first raised its head when William Hill’s largest shareholder, Parvus Asset Management, said the deal would have “limited strategic logic” in a letter to shareholders, first reported by Reuters. The investment firm didn’t hold back in its assessment.

“We strongly encourage that the board and management stops wasting valuable time and shareholder resources pursuing this value-destroying deal,” Parvus wrote to investors.